Australia expects to release a draft legislation which covers licensing and custody rules for crypto asset providers by 2024, and once the legislation becomes law, exchanges will have 12 months to transition to the new regime, Australia's Treasury announced on Monday. The timeline indicates it could take until 2025 for an Australian digital asset platform to receive a licence under the freshly proposed regime. The proposal was expected by mid-2023 after being first announced in February 2023. The proposal released Monday suggests all crypto exchanges that hold more than AUD 1,500 ($946) of any one client or more than AUD 5 million ($3.15 million) in total assets would require an Australian Financial Services licence.
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